S&P ups Odyssey Europe Holdco

S&P said it raised its ratings on Odyssey Europe Holdco Sarl and its €200 million of senior secured notes due December 2025 to B- from CCC+.

Odyssey Europe Holdco, parent of Baltic gaming group Olympic Entertainment performed in line with the agency’s expectations and lowered its S&P Global Ratings-adjusted leverage to 6.2x in 2022, after the addition of the online gambling business OlyBet in May 2022 and the Croatia business in August 2022 into the restricted group. “Including the pro forma full-year contribution from these businesses, leverage was lower at 4.8x,” S&P said in a press release.

“We expect the group to continue to generate positive reported free operating cash flow (FOCF) after leases and adequate liquidity–with cash of €54.7 million at year-end 2022–partly thanks to the contribution of Olybet and Croatia into the restricted group,” the agency added.

The outlook is stable.

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